Nonetheless, it was made possible by a local credit union.

It wasn’t ideal, but it was the only way to keep the deal alive.I made the drive to her small town, met her at a local bank, and had the paperwork notarized.

For your out-of-state BRRRR plan, building a strong local team in St.

There are a couple of car washes in my local area that are for sale that I am interested in but do not know where to start. 

Depending on the salaries of the new jobs they may also price out the local residents on new home sales which would further drive up the price.

You might be some answers here but local people will be better. 

Mine was also out of state, in a town I’d never visited, and I relied heavily on videos from my agent.This sounds like a tough first deal, but it seems like you have some capital on the side, which will be useful as you face the upcoming challenges and learn from those expensive early mistakes.Regarding the subject of this post, “help me adjust my expectations,” I’d recommend assuming that; repairs will cost twice as much as you estimate, maintenance and vacancy rates will likely double from your initial projections, there’s a very real chance you may lose money on this deal.That said, there are ways to mitigate these risks by:- Keep asking questions here on BP and connecting with local experts- Stay proactive and communicative with your agent and property manager.And remember “Inspect what you expect.”Im not trying to discourage you but to help reset your expectations.

Look into connecting with some local investors, they typically have meet-ups often and swap stories and different strategies.

One thing I really enjoy about what I do is I actually go out to all my markets spend time there and get to know the local areas etc.. thankfully the deals i did for this guy in SW WI I did as a capital partners so I owned them and did not have to foreclose or go through his probate etc..

A good property manager can help with tenant screening, enforce lease terms, and handle evictions more efficiently if it comes to that.Require a Larger Security Deposit: Within the bounds of local regulations, a larger deposit can provide a cushion in case of damage or unpaid rent.Consider Rent Guarantee Insurance: Some companies offer insurance products that can cover lost rent in case of tenant default.